Build the business case for Purpose through measurement – one methodology that is predictive, to help you make the right bets; and one that is retrospective, to check what progress you’ve made.
It’s clichéd but true that what gets measured gets done. Sometimes people dismiss Purpose as something ‘pink and fluffy’ and not connected to the real business of making money.
That’s why we started thinking about how to build a business case for Purpose.
Together with our insight and analytics partner, Hall & Partners, we have created two methodologies that build that business case: one looking forward to help you confidently make the right calls and one that is retrospective, to check what progress you’ve achieved.
Our predictive tool, Purpose Headlight, helps managers build the case for getting more Purposeful. It’s a look into the future to see what happens if you try to leverage Purpose, as an alternative to normal marketing approaches or, indeed, in combination with them.
Using carefully structured online questionnaires – in some cases supplemented with face-to-face vox pops – and conjoint analysis, we can identify just what the commercial impact will be if you choose Purpose A over Purpose B. Or if you choose different ways in which consumers can get involved in your Purpose. We can predict what will happen in terms of incremental sales, market share, loyalty, penetration, brand differentiation etc.
OPS (OVERALL PURPOSE SCORE)
You’re probably familiar with Net Promoter Score (more commonly referenced as NPS). Many use this as a measure to tell them whether they’re on the right track or not. We like the simplicity of the approach, and its directional nature. So we’ve built on that to think about how we measure the combined impact Purpose has on all our various stakeholders, from consumers and customers through to colleagues and suppliers, opinion leaders and investors.
OPS helps you understand whether your stakeholders are buying into your Purpose and how it’s been influencing their behaviour. Do they recommend you? Do they promote you as a great place to work? Do they want to buy / hold your shares?
Get a benchmark in place and track your trajectory versus that of your competitors.